Crypto market recap: ETF redemptions hit Bitcoin
Bitcoin (BTC) dropped to $106,860, losing 1.48% in the past 24 hours and over 5% for the week. The decline came as Bitcoin exchange-traded funds saw over $1.2 billion in weekly outflows, triggering a risk-off wave across the broader market.
Ethereum (ETH) slipped 0.83% to $3,868, while BNB declined 3.83% to $1,087. XRP held near $2.33, and Solana (SOL) traded around $184.47. The total crypto market capitalization fell to $3.62 trillion, while the Fear & Greed Index dropped to 25 (“Fear”), signaling growing market caution after a volatile week.
Venture capital inflows contrast with ETF redemptions
Despite ETF withdrawals, institutional interest in blockchain technology remained strong. Fintech startup Tempo reached a $5 billion valuation following a major funding round, reflecting continued investor appetite for blockchain infrastructure projects.
Meanwhile, Ethereum’s network activity rose over 6% this week, with staking participation showing steady growth. Analysts suggest this divergence — ETF outflows alongside venture inflows — points to short-term repositioning rather than a broad market exit, with long-term fundamentals still intact.
Technical outlook: oversold signals hint at rebound potential
With Bitcoin’s RSI near oversold territory, some traders anticipate a possible short-term bounce from key support levels around $105,500. Resistance remains at $108,800, while Ethereum faces a critical zone near $3,950.
The Altcoin Season Index dropped to 24, showing Bitcoin’s dominant grip on the market amid reduced risk appetite. Despite the near-term weakness, historical patterns suggest such corrections often precede accumulation phases, keeping the broader outlook moderately bullish heading into late October.
Recently we wrote that Solana-based decentralized exchange aggregator Jupiter has officially launched Ultra v3, its most advanced upgrade to date — a complete overhaul of how users trade within Solana’s DeFi ecosystem.
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